OPEC Secretary-General Mohammad Barkindo said on Monday Nigeria has no intention of going beyond its oil production target of 1.8 million barrels per day (bpd) until the end of March 2018. Barkindo made this known at the opening of the fourth Joint OPEC-non-OPEC Ministerial Monitoring Committee in St. Petersburg, Russia. …
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Mobil Producing Nigeria Unlimited and Shell Petroleum Development Company of Nigeria Limited recorded the biggest decline in production from joint venture assets in the first quarter of this year. The subsidiary of the United States-based ExxonMobil Corporation saw its JV output drop from 11.646 million barrels in January last year …
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*By Martins Oloja* We can’t deny that we always doze off at the point of our need for purposeful leadership. We have never been vigilant about quality political recruitment in our journey through democratisation. One of our icons, Professor Chinua Achebe, saw this long ago and in 1983, he wrote …
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The Economic and Financial Crimes Commission has discovered a $37.5m (N11.75bn) luxury high-rise building on Banana Island, Ikoyi, Lagos, allegedly belonging to the embattled former Minister of Petroleum Resources, Diezani Alison-Madueke. This is just as the EFCC revealed on Friday that it discovered $9.3m and £74,000 belonging to a former …
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Oil prices rose on Thursday with Brent briefly topping $50 thanks to a weaker dollar and a drop in US crude stockpiles, traders said. Brent North Sea crude reached $50.05 a barrel — breaching $50 for the first time since early last month. Later around 1230 GMT, Brent North Sea …
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Oil reached a 2016 high, hitting 43 dollars a barrel on Tuesday, and supported by hopes that upcoming meeting of oil producers will agree on steps to tackle a supply glut. The rise was also supported by a weak U.S. dollar and further signs of strong demand in China. oil …
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President Muhammadu Buhari on Monday in Abuja lashed out at the 16 years rule of the People’s Democratic Party, PDP, regretting that the previous governments did not save for the “rainy day”. Buhari spoke while receiving the President of the International Civil Aviation Organisation (ICAO), Dr. Bernard O. Aliyu at …
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Minister of State for Petroleum Resources, Ibe Kachikwu has said government has not unbundled the Nigeria National Petroleum Cooperation, NNPC yet. Explaining the development at the oil sector in an interview with State House correspondents after the meeting of the Federal Executive Council, FEC, at the Presidential Villa, Abuja, the …
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President Muhammadu Buhari on Tuesday approved the immediate unbundling of the Nigerian National Petroleum Corporation, NNPC, into seven independent operational units. The Minister of State for Petroleum Resources, Ibe Kachikwu, who announced the unbundling of the national oil company in Abuja, said five of the seven operational units will be …
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Russian President Vladimir Putin said Wednesday that he had sealed a pact with the country’s oil majors to freeze production as proposed last month by Moscow and Saudi Arabia to curb slumping prices. “Yesterday we met with the management of our leading oil firms, and on the whole an agreement …
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